<article>This week was marked by new announcements from fund managers, including one that could seemingly alter the investment landscape. Let’s dive right into it.</article>

This week was marked by new announcements from fund managers, including one that could seemingly alter the investment landscape. Let’s dive right into it.
<h3>Fund managers that made headlines</h3>
US investment major Blackstone is targeting to <a href="https://www.dealstreetasia.com/stories/blackstone-asia-real-estate-fund-266508/">raise approximately $9 billion</a> for its third Asia-focused real estate fund, Blackstone Real Estate Partners Asia (BREP Asia) III. The firm has already made an initial close for the fund at $4 billion, its president and CEO Jonathan Gray said during an earnings call.
DealStreetAsia on Monday reported Temasek Holdings’s plans to <a href="https://www.dealstreetasia.com/stories/temasek-new-umbrella-entity-266036/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/temasek-new-umbrella-entity-266036/">create a new umbrella entity</a> to house two to five of its associate companies in a move to “rationalise” parts of its portfolio.
The Singapore state investment firm on Wednesday announced <a href="https://www.dealstreetasia.com/stories/temasek-new-investment-platform-266938/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/temasek-new-investment-platform-266938/">a new investment vehicle</a>, 65 Equity Partners, to help large and established local firms expand regionally or globally. The firm will transfer its interest in three Singapore-focused funds &#8211; 100% in Heliconia Capital, 30% in Tower Capital Asia, and 10% in Novo Tellus – to 65 Equity Partners, confirming our Monday report.
Hong Kong-based private equity firm PAG is seeking to raise <a href="https://www.dealstreetasia.com/stories/pag-buyout-fund-267488/">a new $9 billion buyout fund</a>, which would be 50% larger than its third Asia-focused fund closed in 2018. The firm is looking to double down on its investments in China, group chairman and CEO Weijian Shan told DealStreetAsia recently.
Private equity firm Warburg Pincus is set to <a href="https://www.dealstreetasia.com/stories/warburg-pincus-asia-real-estate-fund-2-266504/">close its debut Asia real estate fund</a> at its hard cap of $3 billion, double its initial target of $1.5 billion, per a media report.
New York State Common Retirement Fund has <a href="https://www.dealstreetasia.com/stories/new-york-pension-fund-commits-210m-to-asia-alternatives-latest-vehicle-267153/">committed $210 million</a> to the latest vehicle of Asia Alternatives, one of the largest independent Asian private equity fund-of-funds based in Hong Kong.
Asia-focused alternative asset manager Ares SSG is <a href="https://www.dealstreetasia.com/stories/ares-ssg-sixth-fund-267400/">in the market</a> to raise its sixth flagship special situations fund and expects an initial close in the fourth quarter of this year.
CDH Mezzanine and Credit, a unit of Chinese asset manager CDH Investments, has <a href="https://www.dealstreetasia.com/stories/cdh-mezzanine-special-situations-fund-267502/">secured over 2 billion yuan</a> ($312.9 million) in total capital commitments for its maiden special situations fund.
Logistics real estate platform ESR Cayman has <a href="https://www.dealstreetasia.com/stories/esr-japan-income-fund-266501/">made an initial close</a> for its Japan Income Fund (JIF) after securing $750 million in equity commitments. The fund received a sponsor and cornerstone commitment from a leading Asian sovereign wealth fund, which is understood to be Singapore’s GIC Pte.
Kenanga Investors Berhad, the asset management arm of Malaysian lender Kenanga Investment Bank, has <a href="https://www.dealstreetasia.com/stories/kenanga-investors-new-fund-267272/">launched the Frontier Fund</a> to invest in technology-driven companies. The fund aims to invest in companies working on new technologies such as the space economy, metaverse, healthcare, fintech, and cybersecurity.
SoftBank Ventures Asia has launched its <a href="https://www.dealstreetasia.com/stories/softbank-ventures-asia-china-fund-267137/">second China-focused fund</a>, its filing with the US Securities and Exchange Commission showed. Its first China fund, launched in partnership with TPG Growth, closed at $285 million.
US venture capital investor White Star Capital is planning to <a href="https://www.dealstreetasia.com/stories/white-star-capital-fund-266581/">open a new office in Singapore</a> after closing its third fund at $360 million. It has hired Cristina Ventura as a venture partner to expand its investment efforts in Southeast Asia.
Vietnam-based asset manager VinaCapital has <a href="https://www.dealstreetasia.com/stories/vinacapital-investment-pipeline-266915/">expanded its private equity investment pipeline</a> to about $300 million as it expects to clock new deals.
Hatcher+ has <a href="https://www.dealstreetasia.com/stories/hatcher-agtech-fund-267034/">launched an agritech fund</a> with Australia-based Tiverton Agriculture Impact Fund and Singapore-based First Degree Global Asset Management. The partners seek to raise at least $20 million for the fund, which will invest in profitable, carbon-credit producing, sustainable farming properties.
India&#8217;s Avendus PE Investment Advisors, the asset management arm of Avendus Group, has launched its <a href="https://www.dealstreetasia.com/stories/avendus-credit-fund-267001/">second structured credit fund</a> with a target corpus of about $133 million (Rs 1,000 crore). The fund has a greenshoe option of Rs 500 crore ($66.7 million).
Sequoia Capital announced this week that it is <a href="https://www.dealstreetasia.com/stories/sequoia-capital-restructuring-266949/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/sequoia-capital-restructuring-266949/">abandoning its existing time-based model for investing</a> and is restructuring the firm into a singular, permanent structure. In a blog post, long-time Sequoia partner Roelof Botha said the firm’s future investments will flow through The Sequoia Fund, an open-ended liquid portfolio made up of public positions in a selection of the firm’s enduring companies.
<h3>Startup funding news from SE Asia, Greater China and India</h3>
Philippines-based live-streaming app Kumu has <a href="https://www.dealstreetasia.com/stories/kumu-series-c-266477/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/kumu-series-c-266477/">secured $73.6 million in equity funding</a> so far as part of a Series C round led by General Atlantic, according to regulatory filings accessed by <a href="https://data.dealstreetasia.com/" target="_blank" rel="noopener" data-cke-saved-href="https://data.dealstreetasia.com/">DealStreetAsia – DATA VANTAGE</a>.
Kumu <a href="https://www.dealstreetasia.com/stories/kumu-general-atlantic-267006/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/kumu-general-atlantic-267006/">confirmed raising a Series C round</a> led by General Atlantic but did not disclose the amount it raised.
Singapore-based womenswear company Love, Bonito <a href="https://www.dealstreetasia.com/stories/love-bonito-primavera-267053/">bagged $50 million</a> in a Series C funding round led by China-based private equity firm Primavera Capital. The deal marks the first Southeast Asia investment by Alibaba and ByteDance-backer Primavera.
Indonesia-based fintech firm Brankas has <a href="https://www.dealstreetasia.com/stories/brankas-insignia-beenext-267271/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/brankas-insignia-beenext-267271/">raised at least $16.3 million</a> in a Series B round led by Singapore-based venture capital firm Insignia Ventures Partners, according to <a href="http://data.dealstreetasia.com/" target="_blank" rel="noopener" data-cke-saved-href="http://data.dealstreetasia.com/">DealStreetAsia &#8211; DATA VANTAGE</a>.
Vietnam-based e-commerce startup Loship is in early talks with Japan’s Daiwa Securities Group and other investors to <a href="https://www.dealstreetasia.com/stories/loship-series-c-daiwa-securities-266145/">close a $50 million Series C round</a>, DealStreetAsia has learnt.
Indonesian peer-to-peer lender Investree announced <a href="https://www.dealstreetasia.com/stories/investree-bags-10m-267228/">securing $10 million</a> from Swiss asset manager responsAbility and longtime partner Accial Capital. The money will be channelled into small businesses within its ecosystem, it said.
Nezha, an all-electric car brand owned by Chinese automaker Hozon Auto, has <a href="https://www.dealstreetasia.com/stories/nezha-series-d1-267191/">secured 4 billion yuan</a> ($624.8 million) in a Series D1 round of financing as it rides the tailwind of China’s pursuit of a carbon-free society by 2060.
Chinese smart home devices maker Aqara, which is owned by Xiaomi-backed Lumi United Technology, has raked in an aggregate of 1 billion yuan ($156 million) in its <a href="https://www.dealstreetasia.com/stories/aqara-shenzhen-joy-capital-267251/">Series C round of financing</a>. The round was backed by Joy Capital, China Telecom, Greenwoods Asset Management, CICC Capital and others.
Chinese SaaS startup Huice has <a href="https://www.dealstreetasia.com/stories/softbank-series-d-huice-267257/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/softbank-series-d-huice-267257/">raised $312 million</a> in a Series D round led by SoftBank Vision Fund 2. The round was backed by CITIC Private Equity, GL Ventures, Singapore’s sovereign wealth fund GIC, and Legend Capital.
Lanhu, a startup that operates an online product design collaboration platform, has secured 1 billion yuan ($156 million) in <a href="https://www.dealstreetasia.com/stories/lanhu-unicorn-ggv-266994/">a Series C+ round of financing</a> led by venture capital firm GGV Capital to become the latest unicorn in China’s cloud-based software field.
Indian startups <a href="https://www.dealstreetasia.com/stories/startup-fundraising-q3-2021-266447/">raised a whopping $18.7 billion</a> in the third quarter of 2021, marking the highest capital raising in seven quarters, per DealStreetAsia &#8211; DATA VANTAGE&#8216;s latest report. Total deal value in Q3 almost doubled from the previous quarter, while the deal count was up 55%. 

<h3>IPO and SPAC news</h3>
European asset manager Tikehau Capital has filed confidentially to <a href="https://www.dealstreetasia.com/stories/tikehau-capital-sgx-spac-266876/">list a SPAC</a> on the Singapore Exchange. Pegasus Asia, the blank cheque company, is likely to be the first out of the gate after the city-state’s bourse released a framework allowing SPAC listings in early September.
Indonesian tower company Dayamitra Telekomunikas (Mitratel) is seeking to <a href="https://www.dealstreetasia.com/stories/mitratel-ipo-266914/">raise up to $1.7 billion</a> in an IPO that could become the largest public listing in the archipelago.
Malaysian glovemaker Top Glove Corp has <a href="https://www.dealstreetasia.com/stories/top-glove-hong-kong-listing-2-267320/">slashed the amount</a> it aims to raise from its planned Hong Kong listing to HKD3.68 billion ($473 million), less than a quarter of its initial target.
Generation Asia I Acquisition, an Asia-focused blank cheque company led by former executives of private equity major CVC Capital, has filed with the US SEC to <a href="https://www.dealstreetasia.com/stories/generation-asia-spac-ipo-266700/">raise up to $200 million</a> in an IPO.
Sunfire Acquisition, a SPAC formed by alternative investment firm GLD Partners, has filed to <a href="https://www.dealstreetasia.com/stories/sunfire-acquisition-ipo-266709/">raise up to $100 million</a> in a US IPO. The company intends to acquire businesses in the telecommunications, media, and technology (TMT) industries in the Middle East and Asia.
India’s biggest IPO is expected to get even bigger with One97 Communications Ltd., which runs the Paytm payments service, reportedly planning to <a href="https://www.dealstreetasia.com/stories/paytm-ipo-6-266940/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/paytm-ipo-6-266940/">increase its public issue size</a> to Rs 18,300 crore ($2.44 billion).
<h3>Go green or go home</h3>
More and more private funds are <a href="https://www.dealstreetasia.com/stories/pe-vc-investors-net-zero-goals-265374/">raising green funds</a>, given the urgency of the climate crisis and the realisation that such funds, too, can generate alpha. This week alone, two Southeast Asian investment firms announced new initiatives to tackle climate change.
Singapore-based private equity firm Tembusu Partners has teamed up with media and business intelligence company Eco-Business to launch its <a href="https://www.dealstreetasia.com/stories/tembusu-partners-sustainable-fund-267221/">inaugural sustainable development-focused fund</a>. The vehicle is targeting to raise $100 million.
VC firm Wavemaker Partners launched <a href="https://www.dealstreetasia.com/stories/wavemaker-partners-climate-tech-fund-267184/">Wavemaker Impact</a>, a climate tech venture builder in Southeast Asia, with a target corpus of $25 million.

This week was marked by new announcements from fund managers, including some that could seemingly alter the investment landscape.

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

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

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