<article>It has the hallmarks of a riveting movie: Wall Street. Billions of dollars at stake. A group of amateurs joining forces to take down titans via the most unlikely of targets. </article>

It has the hallmarks of a riveting movie: Wall Street. Billions of dollars at stake. A group of amateurs joining forces to take down titans via the most unlikely of targets. 
GameStop, a video game retailer in the US, is the antithesis of what counts as a hot investment today and is the most shorted name in the US market. Yet, a band of Redditors and Robinhooders have taken on multi-billion dollar hedge funds that, at the time of writing, are sitting on some $20 billion in losses. 
The biggest short squeeze in a decade has also spread to other counters, including cinema chain operator AMC Entertainment Holdings. In this case, not all was lost. 
Private equity firm Silver Lake Partners <a href="https://www.reuters.com/article/us-amc-ent-holdg-silver-lake-idUSKBN29Z00E">converted its holdings of debt</a> in the company to equity and subsequently sold the lot for $713 million as shares in AMC shot up tenfold. Silver Lake had in 2018 participated in a $600 million convertible bond round that gave it a roughly 21.3% stake in AMC.
Nevertheless, the ongoing drama illustrates the changing face of investing. Perhaps GameStop would take AMC’s lead and capitalise on its new, super-charged market value to raise funds for a business transformation.
<h3>Unicorns take flight</h3>
That is, after all, a major perk of being a publicly-listed company. In Southeast Asia, one need only look at how Sea Ltd has built up its war chest. 
And, the unicorns in the region are preparing to follow suit. Southeast Asia&#8217;s most valuable startup, Grab, is believed to have <a href="https://www.dealstreetasia.com/stories/grab-us-ipo-picks-bankers-224964/">picked the bankers</a> to work on an IPO in the US that could raise some $2 billion. 
We argue in<a href="https://www.dealstreetasia.com/stories/indonesia-traveloka-ipo-flight-224438/"> this piece</a> that it could be Traveloka, among its peers in Indonesia, that is best-positioned for a public float, even as its core business &#8211; travel &#8211; continues to languish amid the pandemic.
To be sure, tech startups in Indonesia are in a position of strength, as our story on their role in the <a href="https://www.dealstreetasia.com/stories/indonesia-fintech-banks-225176/">banking consolidation</a> in Indonesia indicates.
The well-funded startups have been acquiring stakes in the smaller banks to boost their financial services, as the banks themselves seek to shore up their core capital ahead of new regulations coming into force.
In the most recent deal, in December, <a href="https://www.dealstreetasia.com/stories/gojek-bank-jago-220625/">Gojek brought its stake in Bank Jago</a> up to 22%. Bank Jago will provide digital banking services through the Gojek platform; Gojek’s users will be able to open a bank account with Jago via its platform.
Separately,<a href="https://www.dealstreetasia.com/stories/sitorus-shopeepay-wilmur-224597/"> an analysis </a>of ShopeePay, a unit of Sea Group, in Indonesia shows how ties with one of the most influential families in the country is an important element to it achieving its fintech ambitions in the mega-market.
Still in Indonesia, wholesale e-commerce marketplace <a href="https://www.dealstreetasia.com/stories/ula-20m-quona-b-capital-225553/">Ula has raised </a>$20 million in a Series A round led by existing investor Quona Capital and B Capital Group.
Akulaku, a consumer finance platform, is said to be<a href="https://www.dealstreetasia.com/stories/akulaku-p2p-arm-asetku-225454/"> in talks with </a>strategic partners to sell a 15% stake in its peer-to-peer lending platform Asetku.
In Malaysia, peer-to-peer lending platform <a href="https://www.dealstreetasia.com/stories/capbay-series-a-224878/">CapBay has raised</a> $20 million in its Series A round from return investor Singapore-based KK Fund. 
Indeed, as DealStreetAsia’s <a href="https://www.dealstreetasia.com/reports/se-asia-deal-review-q4-2020/">report</a> shows, e-payments and P2P lending were the two fintech categories that attracted the most venture funding in 2020.  
<h3>Funding news</h3>
After a muted 2020, fundraising is in earnest, as both GPs and startups secure capital for growth and put a troubled year behind.
This week, we reported that Singapore-headquartered Tanglin Venture Partners is <a href="https://www.dealstreetasia.com/stories/tanglin-venture-second-fund-224840/">set to raise</a> $45 million from US investors for its second fund that could be as big as $150 million. The fund targets Series C and above niche tech businesses in Southeast Asia and India.
Also in Singapore, Altara Ventures, formerly known as Credence Investment Partners, is said to be <a href="https://www.dealstreetasia.com/stories/altara-ventures-fund-224959/">nearing a close</a> for its $100 million+ debut fund. The firm has filed with the SEC with a placeholder amount of $200 million.
B Capital is targeting to raise $150 million for a <a href="https://www.dealstreetasia.com/stories/b-capital-seed-fund-215688/">global seed-to-Series A fund</a>, even as the firm continues to focus on Series B and later companies with its main fund.
In India, venture debt firm Stride Ventures is set to <a href="https://www.dealstreetasia.com/stories/stride-ventures-first-fund-225397/">close its first fund</a> at $48 million. 
Separately, institutional investors continue to allocate to the region. 
Canadian pension fund giant OMERS is <a href="https://www.dealstreetasia.com/stories/omers-orion-credit-capital-224929/">investing</a> in Singapore’s Orion Capital Asia, as it seeks to expand its mid-market credit portfolio in Asia. 
German development finance institution DEG has allocated <a href="https://www.dealstreetasia.com/stories/deg-22m-openspace-sea-fund-225564/">$22 million to Openspace Ventures</a>’s $200 million third Southeast Asia fund. 
 
The institution, a subsidiary of German state-owned development bank KfW, has also <a href="https://www.dealstreetasia.com/stories/germany-deg-pag-growth-fund-225347/">committed $30 million </a>to Asia-focused PE firm PAG’s second growth fund. 
DEG has also <a href="https://www.dealstreetasia.com/stories/germanys-deg-anova-feed-225435/">extended a $10 million senior loan</a> to Vietnamese animal feed producer Anova Feed JSC, as well as smaller fundings to Pakistani insurer TPL Insurance, and the Cambodia-Laos-Myanmar Development Fund II.
Private equity fund General Atlantic is <a href="https://www.dealstreetasia.com/stories/general-atlantic-kgbio-225230/">investing $55 million</a> to acquire a minority stake in Indonesia’s Kalbe Genexine Biologics, the life sciences arm of pharmaceutical company PT Kalbe Farma Tbk. 
<h3>SPAC fever builds</h3>
At least three new SPACs in Southeast Asia were reported this week.
L Catterton, the consumer-focused private equity firm co-founded by luxury house LVMH, has filed with the US Securities and Exchange Commission to launch a special purpose acquisition company. The SPAC will raise $250 million for targets in Asia, Bloomberg reported. The SPAC will be sponsored by L Catterton Asia’s $1.45 billion third fund, and is expected to focus on consumer tech firms in the region.
Meanwhile internet investment company Catcha Group also <a href="https://www.dealstreetasia.com/stories/malaysia-catcha-spac-ipo-225196/">announced</a> a $250 million SPAC for targets in what it calls the “new economy” sector. 
Finally, Aspirational Consumer Lifestyle Corp, the SPAC launched by former L Catteron Asia executive Ravi Thakran, is <a href="https://www.dealstreetasia.com/stories/wheels-up-partners-aspirational-consumer-225137/">reported to be acquiring</a> private jet charterer Wheels Up. The company is now the second largest charterer behind Berkshire Hathaway’s NetJets, following a spate of acquisitions over the last 18 months.
The year is just beginning, and the team at DealStreetAsia is looking forward to more deals ahead.

At least three new SPACs were reported this week, including one by L Catterton that will reportedly raise $250 million for targets in Asia.

Editor's take: The week that was — Jan 25-30

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Editor's take: The week that was — Jan 25-30

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief